Tunnel vision is a major risk for stock investors today. As discussed in a recent article, nearly every major asset class beyond the U.S. stock market has struggled in 2013 with many on course to post declines for the year. And the magnitude of stock outperformance this year at over +20% versus all other major investment categories is unprecedented in recent market history. But in our stock obsessed capital markets, investors are completely unfazed by this fact with bearishness at quarter century lows according to Investor Intelligence. One might dismiss this disconnect as simply a clear sign that the global economy is finally on the mend and set to accelerate. But looking across the various components of the global stock market itself reveals ample evidence that this rosy scenario is not likely the case.
Please click on the link to read more of my article on Seeking Alpha.
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